After the partnership has been operating for several years, the Capital accounts of Martin, Steven, and Sania

Question:

After the has been operating for several years, the Capital accounts of Martin, Steven, and Sania are $50,000, $32,000, and $18,000, respectively. Sania decides to leave the and is allowed to withdraw $18,000 in cash. Prepare the journal entry to record the withdrawal on the books.

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...